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Press Releases
MILESTONE SCIENTIFIC issues update on new
business activities in China
Piscataway, N.J. – (PR NEWSWIRE) – March
26, 2010 – Milestone Scientific Inc. (OTCBB:
MLSS), the recognized leader in advanced injection technologies,
today issued a formal corporate update relating to the Company’s
new business opportunities in China. Specifically, Milestone
is currently working in concert with its Chinese distribution partner,
China National Medicines Corporation (d/b/a “Sinopharm”)
to advance the STA System™ through the required regulatory
review and approval process at the State Food and Drug Administration
(SFDA) for the People’s Republic of China. Upon receiving SFDA
clearance, which Sinopharm expects within the next 90 to 120 days,
Milestone expects to commence shipments of the STA System to
China, pursuant to the terms and conditions defined in the three-year
blanket purchase order issued to the Company by Sinopharm late last
year.
In addition, Milestone today reported that it is working towards a definitive
agreement for the proposed joint venture with China National Medicines
Corporation and Yichang Humanwell Pharmaceutical Co. Ltd. As announced
on December 3, 2009, the joint venture will provide the framework for
the development and commercialization of two new computer-controlled
injection instruments utilizing Milestone’s patented CompuFlo® technology. These
new instruments will focus exclusively on the administration of epidural
and intra-articular injections. At this time, the PRC partners
are in discussions with each other regarding their respective ownership
interests in the proposed joint venture.
About China National Medicines Corporation
Traded on the Shanghai Stock Exchange (SHA:600511), China National Medicines
Corporation, d/b/a Sinopharm, is China’s largest domestic manufacturer,
distributor and marketer of pharmaceuticals and importer of medical
devices.
About Yichang Humanwell Pharmaceutical Co. Ltd.
Yichang Humanwell Pharmaceutical Co. Ltd. is a major nationally designated
anesthetics manufacturer in the PRC. It maintains a major R&D
center with strong research and development capability and has established
relationships with a number of PRC universities, including China Pharmaceutical
University, Peking University Health Science Center, Huaxi Medical
University, and Hua Zhong University of Science and Technology Tongji
Medical College.
About Milestone Scientific Inc.
Headquartered in Piscataway, New Jersey, Milestone Scientific is engaged
in pioneering advanced computer-controlled injection technologies for
the medical and dental markets; and currently sells its award-winning
products through a global distribution network serving North America,
Asia, Africa and Europe. For more information on the STA
System and other innovative Milestone products, please visit the
Company’s web sites found at www.milestonescientific.com and www.STAis4U.com.
Safe Harbor Statement
This press release contains forward-looking statements regarding
the timing and financial impact of Milestone's ability to implement its
business plan, expected revenues and future success. These statements
involve a number of risks and uncertainties and are based on assumptions
involving judgments with respect to future economic, competitive and
market conditions and future business decisions, all of which are difficult
or impossible to predict accurately and many of which are beyond Milestone's
control. Some of the important factors that could cause actual results
to differ materially from those indicated by the forward-looking statements
are general economic conditions, failure to achieve expected revenue
growth, changes in our operating expenses, adverse patent rulings, FDA
or legal developments, competitive pressures, changes in customer and
market requirements and standards, and the risk factors detailed from
time to time in Milestone's periodic filings with the Securities and
Exchange Commission, including without limitation, Milestone's Annual
Report for the year ended December 31, 2009. The forward looking-statements
in this press release are based upon management's reasonable belief as
of the date hereof. Milestone undertakes no obligation to revise
or update publicly any forward-looking statements for any reason.
FOR MORE INFORMATION, PLEASE CONTACT:
Elite Financial Communications Group
Dodi Handy, President and CEO (Twitter: @dodihandy)
For Media Inquiries: Kathy Addison, Director, Elite Media Group (Twitter:
@kathyaddison)
407-585-1080 or via email at mlss@efcg.net
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